AUD/NZD – Aussie data brings much needed respite

Omkar Godbole FXStreet Contributor

AUD/NZD has snapped three-day losing streak in Asian session and is holding well into the positive territory on the back of an upbeat Australia forward looking capex data release.

Still below hourly 50-MA

However, the positive action post Aussie data release failed to push the cross through hourly 50-MA hurdle seen at 1.0394 levels. The cross did test 1.04 but quickly retreated to 1.0385 levels where it traded at the time of writing.

Gains have been capped due to positive action in the NZD/USD pair. Nevertheless, the AUD/NZD cross is holding on to its gains, courtesy of the data released in Australia which showed the firms plan to spend A$105.2b in 2016-17 vs. estimate of A$97b.

AUD/NZD Technical Levels

Breach of hourly 50-MA hurdle 1.0394 would help technical correction gather pace. Next stop could be at 1.0416 (hourly 100-MA), above which the cross could target 1.0431 (hourly 200-MA). On the lower side, 1.0364 (daily low) could offer support, under which previous day’s low of 1.0350 and July 8 low of 1.0312 stand exposed.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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